February 11, 2020
According to the research report titled ‘Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), By End-use (Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global biosensors market is expected to cross USD 29 billion by the year 2025.
According to the report, rising adoption of sedentary lifestyle and unhealthy food habits have led to increased pervasiveness of hormonal disorders, obesity, and diabetes, which has accelerated biosensors market growth in recent years. Biosensors offers better efficiency and accuracy and hence are extensively used in medical diagnostics. This factor along with technological advancements in biosensors will further fuel the market expansion.
As per type, the report states that the wearable biosensors market segment held 55% share of revenue in the year 2017 and is expected to register continuous growth during the estimated timeframe. Increasing awareness pertaining to healthy lifestyle coupled with rising prevalence of diabetes are contributing toward the popularity of the product across the globe.
In terms of technology, the electrochemical segment is presumed to expand by 8.5% CAGR during 2019-2025. Biosensors based on electrochemical technology offer efficient and quick diagnosis. Moreover, they allow for accurate analysis as well as help in reducing errors. Thus, aforementioned factors are fueling the segmental growth.
Based on the medical application spectrum, the report cites that pregnancy testing application segment is poised to acquire substantial gains by the year 2025. Increasing number of teenage pregnancies has enhanced the demand for such products, thereby facilitating the business scenario.
Citing the end-use landscape, home healthcare diagnostics segment is expected to grow by 8.5% in the forthcoming years. Rising prevalence of chronic disorders among elderly population coupled with rising adoption of wearable biosensors in homecare applications are favoring the market outlook.
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As per the regional analysis, the report states that U.S. biosensors market was worth USD 5.5 billion in the year 2017 and is presumed to witness consistent growth in the subsequent years. Growing occurrences of chronic disorders along with increasing utilization of portable biosensors are augmenting the regional demand for the product.
On the other hand, biosensors market in Germany is predicted to grow with a CAGR of 8.2% during the period of 2019-2025, primarily driven by rising development of advanced biosensors and increasing usage of the product in research and medical laboratories.
The prominent companies operating in the biosensors market are Thermo-Fisher Scientific, TE Connectivity Corporation, Siemens Healthineers, SDIX LLC, Roche Diagnostics, QTL Biosystems, Pinnacle Technology, Molecular Devices Corp., Johnson & Johnson, Gwent Group, Ercon Inc., DowDuPont Inc., Biosensors International, Bio-Rad International, and Abbott Laboratories.
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